By Joshua Burd
Investors have paid a combined $11 million for a Bayonne shopping center and a Marlton office building, in separate deals announced Friday by Newmark Knight Frank.
The properties include 175 Avenue A in Bayonne, which was acquired by a joint venture of Gallium Real Estate and Larken Associates for a mixed-use retail and residential redevelopment, NKF said. Located near the waterfront, the property sits just off the Bayonne Bridge, minutes from Staten Island, Newark Liberty International Airport and Port Newark-Elizabeth.
The second property, 50 Lake Center Drive, totals nearly 90,000 square feet. Twenty Lake Holdings purchased the property, which was built in 2006 and is three miles from the New Jersey Turnpike.
NKF executive managing directors Steven M. Schultz and John Howley led the capital markets team on the assignment, with assistance from Managing Director Tony Georgiev and Director John Daniels, according to a news release. The firm conducted the transactions using RealINSIGHT Marketplace, a live bid, multiday sales platform.
“These centrally located sites make both locations a wonderful choice for prospective tenants and a worthwhile investment for the buyer,” Schultz said.
The brokerage team also described 50 Lake Center as one of the newest office properties in its market and a value-add opportunity that can be repositioned for single-tenant or multitenant use. The building features a two-story granite atrium, building signage, an on-site running trail and abundant parking.
“This location provides easy access to several modes of transportation,” Howley said. “Proximity to the city and airports opens up opportunity to strategically conduct local, national and international business.”
NKF on Friday also announced the sale of two industrial properties — 50 Barnes Park Road and 15 Sterling Drive in Wallingford, Connecticut — along with the Northside Square retail center at 1100-1112 Aberdeen Road in Laurinburg, North Carolina. The properties traded for a combined $12.35 million.
The same NKF capital markets team was responsible for the deals, which also used the RealINSIGHT Marketplace platform.